Failed casino Hotel scheduled to be sold in foreclosure auction on October 30
The nine-story hotel tower of this collapsed Lucky Dragon Las Vegas boutique casino hotel closed doors Tuesday, October 2. The resort ’s final arrived after the casino along with food and beverage facilities in the north Strip land were shuttered last January.
The Lucky Dragon opened doors in November 2016. Situated on the northern part of this legendary Las Vegas Strip, the land was the first hotel and casino hotel increased from the ground up from the popular gambling and entertainment hub since the downturn.
It had been built to appeal to Asian high rollers, but never really turned up gain. Owners announced early this year that the casino section of the property would be shut . The Lucky Dragon then confronted foreclosure and finally filed for Chapter 11 bankruptcy in February.
According to court papers, the land recorded monthly operating reductions of around $200,000 throughout its Chapter 11 bankruptcy and this finally necessitated the closing of this nine-story, 200-room hotel.
Court papers also indicate the 2.5-acre boutique hotel is anticipated to be marketed in a foreclosure auction scheduled for October 30.
Several other potential buyers have, also, appeared lately.
What Happens Lucky Dragon’s Swift Failure?
The Lucky Dragon was built within an area in Las Vegas that has remained underdeveloped and sees much less foot traffic than other parts of the city. According to a lot of owners of Las Vegas casinos and to industry specialists, the location of this property was one of the variables to have played an important role in its quick demise.
Additionally, its focus on Chinese large rollers was overly “narrow” and also “competitive”, based on former Hard Rock Hotel CEO Richard Bosworth. In comments to local networking, Mr. Bosworth has also pointed out that a boutique property can do very well in Las Vegas as long as it includes the ideal amenities.
The casino part of the hotel was too little by Las Vegas standards.
The Lucky Dragon, with its two separate buildings, was an Asian-themed hotel and aimed to appeal largely to high roller customers from China as well as the Asia-Pacific region as a whole. However, industry experts feel that it failed to provide that client group with top-flight entertainment and dining options, which eventually contributed to its swift failure.
The casino part of the boutique hotel occupied 27,500 square feet. Many believed the gaming facility too little by Vegas standards and this, also, is believed to have affected its lure to customers not only in Asia, however as a whole.
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